10 Mar 2016

Briscoe group's profit up 20 percent

1:34 pm on 10 March 2016

Homeware and sporting goods retailer Briscoe Group has reported a record full year profit thanks to higher sales and improved margins.

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Photo: RNZ

The company said its net profit for the year ended January was $47.1 million, up 20 percent on last year's $39.3 million.

Full year sales were $553 million, up 9 percent on a year ago, with the company increasing its profit margins. It declared a final dividend of 9.5 cents a share compared with last year's 8 cps.

The results were in line with forecasts given last month.

Managing director Rod Duke said the retail sector was likely to become more difficult.

"It is clear that the New Zealand retailing environment remains challenging with a number of retailers struggling for growth, but we remain cautiously optimistic about the year ahead for Briscoe Group."

He said Briscoes was still interested at some stage in trying to take over outdoor goods retailer Kathmandu, of which it holds just under 20 percent.

It tried unsuccessfully to buy out the chain last year.

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